Posted on 04/04/2008 2:36:36 PM PDT by LSUfan
Turn your clock back 70 years. Imagine that Wall Street banks and brokerages sold Nuremberg-compliant bonds and stock funds in 1938. American Nazi sympathizers bought financial instruments certified by Berlin-based advisors as free of “Jewish profits” from, say, Salomon Brothers and Bloomingdale’s.
In turn, a percentage of such funds’ gains underwrote pro-Nazi charities, like the German-American Bund, and similar organizations in the Fatherland, like the Hitler Youth.
Seventy years hence, an analogous outrage grows on Wall Street, only this time for real.
Sharia-compliant finance (SCF) is expanding among banks and securities houses eager to absorb the hundreds of billions of petrodollars cascading into the Middle East, thanks to $100-per-barrel oil. To lure this cash, financial companies increasingly offer vehicles that neither pay interest nor benefit from gambling, entertainment, alcohol, pork, or anything considered “haram” or “un-kosher” in Islam. Bahrain’s International Islamic Financial Market (IIFM) counts $97 billion in Islamic bonds in circulation with another $66 billion forecast through 2008 -- and SCF is not limited to the bond market.
SCF goes far beyond marketing to Muslims and Middle Easterners. IIFM lists “wider sharia acceptance” among its goals. Selling sharia-compliant investments legitimizes a barbaric theocratic orthodoxy that should be defeated, not promoted.
(Excerpt) Read more at humanevents.com ...
What word trick do they play to get around the prohibition on charging interest? Or do they make Jews and Christians pick up the tab?
jizya tax
You’re looking in the right direction.
There is actual fraud in the way that US—yes US—banks market loans to Muslims. They call Sharia-compliant loans “interest free” as in “0%” interest.
The reality is, the bank calculates in the equivalent of interest and bundles it into the payments as “fees.”
Why would anyone be surprised that Wall Street today would do this and that Washington would back Wall Street 100% in pursuing these profits?
Why do we trust the feds and the pointy headed EPA types to run our lives, they cant handle their own affairs, buy a lot.
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